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Bank's Governor Needs To Provide Leadership

Wednesday, 14 November 2001, 9:11 am
Press Release: New Zealand First Party

Bank's Governor Needs To Provide Leadership: Peters

The New Zealand First leader, Winston Peters is looking for a reduction in the OCR (Official Cash Rate) of at least 0.75%. “It is time for the Governor to show some leadership,” Mr. Peters said.

“New Zealand has been the last to move for years. It is time we led instead of following the likes of the U.K., the U.S.A., and Europe. As we head into a downturn we should make every effort to give business a fillip. This will not happen if the assessment of the risks around our economic outlook is again inaccurate.

“The conservative path of following others has artificially denied liquidity and propped up interest rates at a cost of hundreds of millions of dollars. It is time for a braver monetary policy that breathes life into our sagging economy and nothing less than a 0.75% decrease in the cash rate will do,” Mr. Peters said.

ENDS

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